O&V sold a business asset with a $78,300 adjusted tax basis for $100,000.The purchaser paid $30,000 in cash and gave O&V a note for the $70,000 balance of the price.O&V will not receive a payment on the note until next year.Compute O&V's gain recognized under the installment sale method.

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The Answer of O&V sold a business asset with a $78,300 adjusted tax basis for $100,000.The purchaser paid $30,000 in cash and gave O&V a note for the $70,000 balance of the price.O&V will not receive a payment on the note until next year.Compute O&V's gain recognized under the installment sale method.

O&V Sold a Business Asset with a $78,300 Adjusted Tax